Oklahoma § 36-2135 - Mutual member's share of assets on liquidation

§ 36-2135. Mutual member's share of assets on liquidation

A. Upon any liquidation of a domestic mutual insurer, its

assets remaining after discharge of its indebtedness, policy

obligations, repayment of contributed or borrowed surplus, if any,

and expenses of administration, shall be distributed to existing

persons who were its members at any time within thirty-six (36)

months next preceding the date such liquidation was authorized or

ordered, or date of last termination of the insurer's certificate of

authority, whichever date is the earliest.

B. The distributive share of each such member shall be in the

proportion that the aggregate premiums earned by the insurer on the

policies of the member during the combined periods of his membership

bear to the aggregate of all premiums so earned on the policies of

all such members. The insurer may make a reasonable classification

of its policies so held by such members and a formula based upon

such classification for determining the equitable distributive share

of each such member. Such classification and formula shall be

subject to the approval of the Commissioner.

C. Subsections A and B above shall not apply to any mutual

which, prior to July 1, 1957, has provided for any other method of

liquidation through its articles and bylaws, and which have been

approved by the then Insurance Commissioner.

Laws 1957, p. 313, § 2135.